Annual Incentive Payments to the Company Sample Clauses

Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) twenty percent (20%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b) by the City to the Company shall not exceed One Hundred Sixty-Five Thousand and 00/100 Dollars ($165,000.00), and if the requirements of subsection 2(b)(vi) are satisfied, the sum of all Annual Incentive Payments and Bonus Annual Incentive Payments remitted pursuant to this subsection 2(b) by the City to the Company shall not exceed Three Hundred Thousand and 00/100 Dollars ($300,000.00).
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Annual Incentive Payments to the Company. If the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(c)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(c)(iv)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e)), an amount equal to the product of (A) an amount equal to the Actual Withholdings, multiplied by (B) twelve percent (12%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(c) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(c)(iv)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(c) by the City to the Company shall not exceed Sixty-Nine Thousand and 00/100 Dollars ($69,000.00).
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Annual Incentive Payments to the Company. If the actual payroll withholding taxes collected and received by the City during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(iv)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(d)), an amount equal to the product of
Sample 1
Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsections 2(d) and 3(s), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(c)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(c)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(f)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by
Sample 1

Related to Annual Incentive Payments to the Company

  • Incentive Payments The Settlement Fund Administrator will treat incentive payments under Section IV.F on a State-specific basis. Incentive payments for which a Settling State is eligible under Section IV.F will be allocated fifteen percent (15%) to its State Fund, seventy percent (70%) to its Abatement Accounts Fund, and fifteen percent (15%) to its Subdivision Fund. Amounts may be reallocated and will be distributed as provided in Section V.D.

  • Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% 64 0%

  • Incentive Pay (1) For any calendar year: in which twenty-five percent (25%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then

  • Annual Bonus In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.

  • Bonus Payments In addition to Base Salary, Executive shall be entitled, during the Employment Term, to participate in and receive payments from all bonus and other incentive compensation plans (as currently in effect, as modified from time to time, or as subsequently adopted) of the Company; provided, however, that nothing contained herein shall grant Executive the right to continue in any bonus or other incentive compensation plan following its discontinuance by the Board (except to the extent Executive had earned or otherwise accumulated vested rights therein prior to such discontinuance).

  • Education Incentive Pay An employee shall be entitled to receive educational incentive pay as follows:

  • Longevity Bonus Effective 2005, twenty (20) years of continuous service, an employee will receive a longevity bonus of seven hundred dollars ($700.00) per year, payable in one lump sum by the second pay period following the employee's anniversary date.

  • Performance Bonus If Employee's employment is terminated by Employee with cause, or by Bank without cause, Employee shall be paid, in addition to the amounts payable under Sections 3.5 and 3.6 of the Agreement: (i) all non-forfeitable deferred compensation, if any; and (ii) unpaid performance bonus payments, if any, payable under Section 4.2 of the Agreement, which shall be declared earned and payable based upon performance up to, and shall be pro-rated as of, the date of termination. Employee shall not be entitled to such unpaid performance bonus payments if Employee's employment is terminated by Bank with cause, or by Employee without cause.

  • Base Compensation a. The Company and the Bank agree to pay Executive during the term of this Agreement a base salary at the rate of $ per year, payable in accordance with customary payroll practices.

  • Educational Incentive Pay Effective January 1, 2022, the current Education Incentive Differential (EID) rates from the pre-existing salary schedules shall be eliminated and, in their place, the following Educational Incentive Pay program will be applied. The salary schedules contained in Addendum B reflect the new Educational Incentive pay allowances. Upon successful completion of field training and promotion to the rank of Police Officer, an officer who has received or obtains one of the degrees set forth below from an accredited college or university shall receive an annual incentive allowance added to their hourly rate, as follows: • $1,500 for associate’s degree ($0.723/hour) • $3,000 for bachelor’s degree ($1.446/hour) • $4,500 for master’s degree and above ($2.169/hour) Educational incentives are not cumulative, but rather the employee will be entitled to the highest incentive based on the degree(s) obtained. In the event an employee obtains a new or higher degree during employment, the employee will submit to the Department proof of degree attainment. Upon verification and approval by the Department, within thirty (30) days of submission, the employee’s pay will be adjusted effective on the first day of the pay period following the date of submission by the employee. Any current employee with an EID classification will be adjusted to the non-EID rate, but will receive the annual incentive allowance as part of their hourly rate, spread over twenty-six (26) pay periods. The hourly rate will be calculated by dividing the annual educational incentive by 2,074 hours. Educational incentive pay will be included in the regular rate for overtime purposes. In addition, it will be counted as part of the employee’s annual salary for pension purposes, consistent with the prevailing Fire & Police Employees Retirement System regulations, and reflected on the salary schedules.

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